KWEB wheel: cash-secured put & covered-call yields
KraneShares CSI China Internet ETF · ETFs · $24.66 close on Sep 28, 2026
What the Sep 28, 2026 close says about KWEB
At 23.9% implied volatility, the options market is pricing a one-standard-deviation move of about $1.74 (7.1%) in KWEB by Oct 30, 2026, 32 days out.
Selling the $23.50 put (−0.26Δ) for $0.27 means assignment would leave a cost basis of $23.23, 5.8% below the $24.66 close.
Moving down to the $23 put (−0.18Δ) buys 2.0% more room below spot and keeps 70% of the 0.30Δ premium.
Open interest in the stored window totals 242,731 contracts; the largest single line is the $29 call expiring Dec 18 with 124,098 (51.1% of the window).
By options volume KWEB ranks #51 of 441 names in our universe.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on KWEB
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $23.50 | −0.26 | $0.27 Sep 28 | $27.00 | $2,350 | 1.15% | 13.1% | $23.23 | 56 | 19 |
| 0.20Δ | $23 | −0.18 | $0.19 Sep 28 | $19.00 | $2,300 | 0.83% | 9.4% | $22.81 | 116 | 6 |
Snapshot #163 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $22 | −0.17 | $0.37 Sep 28 | $37.00 | $2,200 | 1.68% | 7.6% | $21.63 | 688 | 86 |
Snapshot #163 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on KWEB
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $26.50 | 0.21 | $0.25 Sep 28 | $25.00 | 1.01% | 11.6% | 8.48% | 96.7% | 277 | 51 |
Snapshot #163 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $27 | 0.30 | $0.69 Sep 28 | $69.00 | 2.80% | 12.6% | 12.29% | 55.4% | 25,416 | 584 |
| 0.20Δ | $28 | 0.22 | $0.46 Sep 28 | $46.00 | 1.87% | 8.4% | 15.41% | 69.4% | 30,009 | 3,209 |
Snapshot #163 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
KWEB volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 23.9%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 242,731 contractssession 2026-09-28
- Largest open-interest line
- $29 call · Dec 18 · 124,098
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #51 of 441 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (1 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.